Single Story For Sale in Summerland

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Well maintained 3 bedroom, 2 bath Country Rancher

•  1998 sqft , 2 bath , 3 bdrm single story – FOR SALE  CAD799,000 . Summerland rural property, 27.25 acres MLS® 177802

Summerland rural property, 27.25 acres. Well maintained 3 bedroom, 2 bath Country Rancher is almost 2000 square feet. Open concept living, hardwood flooring, spacious laundry room, large master with 4 pc ensuite. The home is heated by a wood burning fireplace inside, as well as a wood burning central boiler furnace outside. Your bills will never be cheaper! Custom cabinets and granite counter tops. Double carport, detached garage/workshop, loads of storage, all nestled on a very private lot. Great horse property.

 ‘Home. It’s who we are.’

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Property For Sale in West, Penticton

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Great central location

•  1078 sqft , 3 bath , 3 bdrm 2 storey – FOR SALE  CAD425,000 . Reduced!
MLS® 179491

Immaculate 3 bed 3 bath townhome built in 2015, shows like brand new! Unfinished basement with rough in for a 4th bathroom. Over 1,500 sq ft on 3 levels, nice porch/deck off the living room. Beautifully finished with Vinyl Planking floors and ceramic tile, custom color appliances. Heat pump with forced air furnace. Great central location close to schools, public transit and downtown. 8 blocks off Okanagan Lake, be a great Air BnB, No restrictions. Easy to show!

Home. It’s who we are.’

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Lot-Land For Sale in Okanagan Falls, Kaleden

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Located in the prestigious Heritage Hills community

•  lot / land – FOR SALE  CAD169,000 . Dream a home on this spectacular land
MLS® 176652

Build your dream home on this spectacular Bare Land Strata Lot. Located in the prestigious Heritage Hills community on the east side of Skaha Lake. Phenomenal Lake, mountain and vineyard views. Nominal strata fees of $250.00 per year.

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Apartment For Sale in Main North, Penticton

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Top floor north facing unit, Great views of the mountains

•  1177 sqft , 2 bath , 2 bdrm apartment – FOR SALE  CAD339,900 . Price reduction 15k
MLS® 180488

Top floor north facing unit features 2 bedroom and 2 baths, 1177 square feet, kitchen nook and a den or dining area. The rooms are spacious, with a gas fireplace in the living room and an outdoor patio area. Great views of the mountains and surrounding areas. Vaulted Ceiling in the kitchen area. Radiant in floor heating and gas are included in the strata and a guest suite is available. Includes Fridge, Stove, Dishwasher, all window coverings, Washer and Dryer. Walk to just about everything from this central location in the Scottsdale a popular 55+ building, no rentals, small pet on approval. Check out the Gathering room, with a 1 Bedroom suite for guests, and outside grassy area with patio. 1 Storage locker located on the same floor as your condo, 1 underground parking stall. Beautiful apartment, hurry won’t last.

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Property For Sale in Apex, Penticton

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•  721 sqft , 2 bath , 2 bdrm other – FOR SALE  CAD134,900 . Apex Mountain Village
MLS® 180303

Units 311 and 312. Located in the heart of Apex Mountain Village is the perfect Ski-in, Ski-out experience for the whole family. 3rd floor condo, sleeps 4-6 persons. Consists of two adjoining suites: Room 311 has 2 queen beds, microwave, fridge. Room 312 has kitchen, dining area and gas fireplace. You can hit the ski slopes then relax your cares away in one of the two outdoor hot tubs before visiting one of the restaurants on a short walk from your door to the Village! Use one or both units, or place them in in the
hotel’s management system. Strata fee is $470.00 (which includes the following services; cable TV, telephone, heat, light and more). Call Listing Representative for more
information. All measurements are approximate.

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Commercial For Rent-Lease in South, Penticton

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Great tenant mix, close to everything.

•  commercial – FOR RENT  CAD1,250 ML . Better Downtown location.
MLS® 181773

For lease 564 Main Street Mall Unit #140 – 564 Main Street, Penticton fantastic location, easy access, beautiful courtyard. Great time to start or upgrade your business to a better Downtown location. Here it is. $1,250 per month. Great tenant mix, close to everything. Room sizes front entrance 18’6x 14’10, 2nd room 13’9 x 11’10 3rd room 13’5 x 5’10 1250 square feet, 1 – 2pc bathroom, Call now for more info.

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First-Time Homebuyer Incentive A ‘Flop’ That Might Be Driving Up Canadian House Prices

CMHC’s program to help first-time buyers has seen little interest.

IVAN_SABO VIA GETTY IMAGES
A stock photo of suburban homes in Greater Vancouver. The city has seen very little interest in the federal First-Time Homebuyer Incentive.

MONTREAL ― The federal government’s First-Time Homebuyer Incentive is proving largely unpopular ― but despite little public interest, it might still be driving up house prices as speculators return to the market.

Preliminary data released last week showed that Canada Mortgage and Housing Corp. (CMHC) got roughly 3,000 applications for the program in its first three months, and the Crown agency issued some $51 million in funding in 2019, a small fraction of the $1.25 billion it plans to invest over three years.

And the program may be missing the mark in helping affordability. Even though Canada’s largest cities are struggling with some of the worst problems, only a third of applicants were from large cities, according to an analysis of the data at the Better Dwelling blog.

What’s more, the program has been most popular in Quebec and Alberta, where housing is considerably more affordable than in Ontario and British Columbia. The latter two combined accounted for less than a fifth of the program’s spending. There were just 148 applications in Toronto, and 45 in Vancouver.

The largest numbers of applicants came from Montreal, Edmonton and Calgary, in that order.

For these reasons Sherry Cooper, chief economist at Dominion Lending Centres, declared the program a “flop” ― though she noted that the Liberal government’s promise to increase the maximum house price under the program could make it more useful in the pricey Greater Toronto and Greater Vancouver markets.

“But the biggest drawback for many is they don’t want to equity share with the government,” she wrote in an email to HuffPost Canada. “A similar program was introduced in B.C. a few years ago and it, too, proved to be unpopular and was lapsed.”

The Liberals vowed during last fall’s election to raise the effective maximum house price under the program to $789,000 from $480,000, after criticism that the limit was too low to help in Toronto and Vancouver.

The program is designed to make buying a first home more affordable. The CMHC purchases 5 or 10 per cent of a homebuyer’s home, reducing monthly mortgage payments, in exchange for an equity stake in the house that the owner has to pay out to the agency when they sell the house or the mortgage ends.

Some experts have argued that, without faster housing construction, the program is destined to raise house prices. Research on a similar program in the U.K. found that homebuyers used it to increase their maximum purchase price, thus driving up house prices.

Return of the speculators?

Stephen Punwasi, founder of the Better Dwelling blog, believes some of the acceleration in house prices may have to do with speculators jumping into the market on the expectation the program will boost the market.

“A few agents and reports told investors this would be a huge opportunity to scalp a few dollars from (program) users,” he wrote in an email to HuffPost Canada. “For instance, an email from one report flat out said ‘With high participation, this could increase home sales & prices!’”

The problem “became worse after the government demonstrated they would continue to raise the limit, when it no longer worked for markets,” he added.

Punwasi noted that a lack of supply is also driving up house prices ― the number of homes on the market has dropped steeply in many markets because “when prices are rising, no one wants to sell.”

And the impact of the mortgage stress test has waned ― the test meant people needed to save up longer for a down payment, and now they have.

“The biggest drawback for many is they don’t want to equity share with the government.”Sherry Cooper, chief economist, Dominion Lending Centres

With the average sale price in Toronto jumping 12.3 per cent in the past year, and sales in Vancouver accelerating by 42.4 per cent in January, many economists say Canada’s markets are returning to the overheated conditions seen in 2015 and 2016.

The latest Teranet-National Bank House Price Index showed affordability eroded in the final three months of 2019 across most major markets, after three having improved for three straight quarters before that.

That worsening of affordability will continue in 2020, TD Bank economist Rishi Sondhi wrote in a forecast issued Tuesday.

“Canadian home prices are likely to expand at their fastest annual pace since 2016 this year,” Sondhi predicted.

5 Home Staging Ideas To Sell Your Penticton Home Faster

The proof is there. Staging your home helps to increase property value and sell your home quicker. Here are five home-staging ideas for a faster and better sale.

Home Staging - Dan Jones

1. Aesthetics Are Important. The majority of folks only pay attention to real estate listings with nice pictures. Anything that looks blurry, dated, or messy? Next! Before you even think about taking real estate photos or having an open house, make sure it looks nice. There are plenty ofways to decorate your home for a more inviting feel; lighting each room with ambient, task, and accent lighting can help people feel more comfortable. Also,try mixing together three different sized table decorations with different colours, shapes, and textures,and don’t forget to declutter every single room which should be a home seller’s number one priority.

2. Too Personal. Is Too Much Okay, this one can be a bit tough butyou have to take down some of your family photos on the wall. If ahome-buyer can’t picture themselves living within your space because you and your kids are, well, everywhere, they’re not going to buy it. Replace those dozens of family pictures with modern art pieces placed in creative spaces throughout your home for a clean and inviting aesthetic.

3. Contemporary Sells. If your home is out-dated, there are plenty of simple home improvements you can do to sell your homefaster. Paint the inside of your front door a different colour than the rest of your house, stick with a neutral theme throughout the interior, and try adding pops of colour to walls that make sense. Giving your home a fresh and modern look will wow those home-buyers and who knows? They might just put in an offer.

4. Style Furniture. For bed room staging ideas, try creating a relaxing atmosphere with soft colours, fresh linens, and furniture that’s in good shape. For living room styling tips, keep the area clean and neatly add throw pillows and blankets to the couch to create a comfy feeling. Also, autumn is here and if you’re wantingto stage your home for the fall season, look no further than your own backyard. Try an autumn DIY project where you collect leaves and create a dining room table centrepiece for some budget-friendly home staging.

5. DIY Home Décor. I mentioned above about a budget-friendly way to stage your dining room, and if money is an issue or you just like to get crafty, there are so many ways to improve your home with little to no money out ofyour pocket, like making your own art work and frames to hang on the wall, creating your own head board for the bedroom, and getting comfortable with doing minor maintenance on your own likepatching up holes, recaulking the sinks, and keeping up with your landscaping.

For more ways to sell your home quick, see 20 helpful tips to helping your homesell. When you’re ready, get in touch and I’ll happily help you list your home and sell it fast

 

 

Mortgage Rate Forecast

Highlights

  • Stress test limiting impact of falling mortgage rates
  • Canadian economy: Strong second quarter, but will it last?
  • Bank of Canada on hold for now

Mortgage Rate Outlook
Canadian mortgage rates continued to decline in the third quarter as rising trade tensions between the United States and China fed growing fears of a global economic slowdown. Those fears pulled long-term Canadian interest rates low enough to invert the Canadian yield curve, a frequent—though not infallible—pre cursor to recession.

As bond yields fell, the average 5-year contract rate offered by Canadian lenders declined to an average of 2.86 per cent, with 5-year fixed rates as low as 2.25 per cent currently available. The 5-year insured rate, however, which given the decline in contract rates is currently the stress test rate for both insured and uninsured borrowers, has remained stubbornly unflinching. As a result, borrowers subject to the B20 stress test are now forced to qualify at a risk buffer (stress test rate minus contract rate) of approximately 250 basis points.

The unpredictability of US trade policy makes the future direction of interest rates cloudier than usual. Indeed, current Canadian economic conditions—a historically low unemployment rate and inflation near its 2 per cent target—would not normally engender speculation of looser monetary policy. However, when the outlook for the global economy can change with a Tweet, markets trade on fear rather than data.

While interest rates have recently bounced off their lows, global risk remains tilted to the downside. Our baseline forecast is for 5-year fixed rates to remain relatively constant over the next year at 2.77 per cent. As for the 5-year qualifying rate for insured mortgages, its lack of variation remains a puzzle. While underlying 5-year bond yields were once a reliable guide to movements in the qualifying rate, that relationship appears to have changed. The statistical relationship between 5-year fixed rates and the 5-year government bond yield has deteriorated since the financial crisis of 2008 and even more so with the introduction of tighter qualifying rules for insured borrowers in 2016. Our base case is therefore for the qualifying rate to remain unchanged over the next year.

Economic Outlook
After faltering for two quarters, Canadian economic growth appeared robust in the second quarter, registering a two-year high of 3.7 per cent. However, the details underlying the near 4 per cent rise in real GDP were less optimistic. Business investment contracted nearly 7 per cent at an annualized rate, driven by a 16 per cent decline in spending on non-residential structures, and machinery and equipment. Second quarter household spending slowed to just 0.5 per cent, the lowest reading since the first quarter of 2015. A 13 per cent jump in exports following nearly a year of flat or even negative quarters was the main driver of growth, a feat which is unlikely to be repeated. Given those details, we expect that growth will moderate to between 1.5 and 2 per cent in the second half of 2019.

We expect the Canadian economy will post trend growth of about 1.8 per cent in 2020, though significant downside risks remain due to elevated trade tensions and their consequent impact on exports and investment.

Interest Rate Outlook
The Bank of Canada has remained on hold for much of the past year, opting to not follow the majority of other global central banks in lowering its policy rate. However, it has left the door open to lowering rates should developments in the global economy warrant doing so.

Whether the US Federal Reserve opts to follow up its recent 25 basis point rate cut with something more aggressive will be important to how the Bank of Canada sets its own rate going forward. With the US Federal Funds rate now essentially parallel to the Bank of Canada’s policy rate, a further cut by the Fed may place upward pressure on the Canadian loonie, which would exacerbate an already strained climate for exports and lower the outlook for Canadian economic growth.

Currently, the baseline outlook for the Canadian economy is not signalling the need for further stimulus. Core inflation is expected to trend at the Bank’s 2 per cent target and growth is near potential. Moreover, policymakers remain weary of re-igniting a build-up in household debt, particularly after imposing policies designed to bring those debt burdens down.

We expect the Bank will therefore remain on hold as long as the Bank’s assessment of economic risk does not reach a tipping point.

For more information, please contact:
Brendon Ogmundson
Deputy Chief Economist
Direct: 604.742.2796
Mobile: 604.505.6793
bogmundson@bcrea.bc.ca

Kellie Fong
Economist
Direct: 778.357.0831
Mobile: 604-366-6511
kfong@bcrea.bc.ca